Builder confidence is declining due to rising mortgage rates and economic uncertainty. Housing permits are down, especially in the South and West, signaling a potential market slowdown. Price cuts are increasing.
Housing market faces rising listings and economic concerns. Customer confidence is low, influenced by mortgage rates and economic worries. Experts suggest market could slow even if mortgage rates decrease.
Mortgage rates fluctuate amid bond market volatility. Home loan applications drop. Sellers & buyers must be strategic in the changing market. Inventory rises, home touring slows.
Sales in the Midwest were especially strong, rising 19.2% on a year-to-date basis, noted Jing Fu, director of forecasting at the National Association of Home Builders.
